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into effect the intentions of this act within five years from the
passage thereof, in that case all the powers hereby vested in
them shall cease and determine.
CHAPTER 52.
An act to incorporate the Steam Company of Princess Anne.
WHEREAS, Several citizens of Maryland have associated
and formed themselves into a company, and raised a stock of
thirty thousand dollars, for the purpose of erecting a steam
mill and manufacturing establishment; Therefore,
Sec. 1. BE IT ENACTED by the General Assembly of
Maryland, That the subscribers for the said stock, consisting
of thirty thousand dollars, divided into shares of twenty dol-
lars, their legal representatives, successors or assigns, shall be
and they are hereby made and created a body politic and cor-
porate, by the name and style of The President and Managers
of the Steam Company of Princess Anne, and by that name
may sue and be sued, plead and be impleaded, and do and suffer
all acts, matters and things, which a body politic and corporate-
may lawfully do and suffer.
2. AND BE IT ENACTED, That the affairs of said
company shall be managed by five managers, one of whom to
be chosen by the others the president, the managers to be chos-
en by the stockholders by ballot, each stockholder having as
many votes as he has shares, and voting either in person or by
proxy.
3. AND BE IT ENACTED, That the persons now acting
as president and managers, shall continue to act until after a
new election of managers, which shall take, place in the town of
Princess-Anne, on someday in April next, and on some day
in the same month annually, after giving ten days notice there-
of.
4. AND BE IT ENACTED, That no person shall be chos-
en a manager unless he is a stockholder at the time of his elec-
tion.
5. AND BE IT ENACTED, That the president and man-
agers now acting, and those from time to time elected, shall
and may make and adopt all by-laws, rules and ordinances, for
the government and direction of said company,, and the affairs
thereof, as the said board may judge necessary for carrying in-
to effect the provisions of this law; Provided, the same be
not repugnant to the laws of this state or of the United States,
6. AND BE IT ENACTED, That all contracts for the
purchase or sale of property, or fur the payment of money,
signed by the president, and secretary of the board of mana-
gers, shall be obligatory upon the corporation.
7. AND BE IT ENACTED, That whenever a vacancy
shall happen in the office of manager by death, resignation, re-
moval from the county, or ceasing to be a stockholder, it shall
be immediately filled up by ballot, by the directors from among
the stockholders until the next election in course.
8. AND BE IT ENACTED, That the president and man-
agers shall have power,
1st. To purchase and hold on behalf of the said company, in
fee simple or otherwise, lands and real estate suitable for the
erection of the necessary works for the accomplishment of their
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Dec. Sess.
1815.
Passed Jan.
5, 1816.
Preamble.
Style—of-
fect in law.
Election of
president and
managers.
Persons now
acting.
Managers,
must be stock-
holders.
By-laws &c.
Proviso.
Contracts.
Powers.
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